Prospera Business Network has given a $250,000 Community Impact Loan to the Bozeman Chamber Foundation. This will be the final piece of funding needed for HRDC to finish its Homeward Point Project which will provide emergency housing.
Paul Reichert with Prospera Business Network says he is glad Prospera can help the Bozeman Chamber Foundation and HRDC get to their goal faster.
"So the funding has really helped them get to the finish line faster, and it's a partnership between the Bozeman Chamber and HRC to do a Community Impact Loan," Reichert said. "And by doing that, they're able to close the gap on the final funding they need to finish the project. And one of the key aspects of the project that's extremely important to the business community is the emergency housing and the other services that HRDC provides. So it's a really good feeling to be able to kind of get it over the finish line quicker."
When asked where the funds for this loan came from, Reichert says "The funds are from the City of Bozeman's Revolving Loan Fund. The repayment of those funds, when that loan is repaid, go back into the community to help more businesses and more community impact.
Reichert says being a part of something with so much of an impact feels great.
"It's probably the first time we really used the loan fund in this way, and that's why I think it's really newsworthy that we're doing community impact investing with the funds," Reichert said.
Prospera, the City of Bozeman Chamber of Commerce, and HRDC members gathered today, May 18, for a check ceremony to celebrate these new funds.